Announcement • Jun 18
Traders Holdings Co. Ltd. Provides Non Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2027 Traders Holdings Co. Ltd. provided non consolidated earnings guidance for the fiscal year ending March 31, 2027. For the year, on non-consolidated basis, the Company plans to record JPY 1,500 million as operating revenue under dividends received from affiliated companies. Since the dividend is received from a consolidated subsidiary, there will be no impact on the consolidated financial results for the fiscal year ending March 31, 2027. Reported Earnings • May 01
Full year 2026 earnings released: EPS: JP¥159 (vs JP¥165 in FY 2025) Full year 2026 results: EPS: JP¥159 (down from JP¥165 in FY 2025). Revenue: JP¥13.2b (down 1.5% from FY 2025). Net income: JP¥4.24b (down 6.7% from FY 2025). Profit margin: 32% (down from 34% in FY 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Traders Holdings Co.,Ltd., Annual General Meeting, Jun 25, 2026 Traders Holdings Co.,Ltd., Annual General Meeting, Jun 25, 2026. Announcement • Apr 21
Traders Holdings Co.,Ltd. to Report Fiscal Year 2026 Results on Apr 30, 2026 Traders Holdings Co.,Ltd. announced that they will report fiscal year 2026 results on Apr 30, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.5%). Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥37.66 (vs JP¥34.22 in 3Q 2025) Third quarter 2026 results: EPS: JP¥37.66 (up from JP¥34.22 in 3Q 2025). Revenue: JP¥3.14b (up 31% from 3Q 2025). Net income: JP¥1.00b (up 6.4% from 3Q 2025). Profit margin: 32% (down from 39% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 03
First half dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (16% earnings payout ratio) but not covered by cash flows (dividend approximately 142x free cash flows). The dividend has increased by an average of 26% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Dec 01
Traders Holdings Co.,Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Traders Holdings Co.,Ltd. announced that they will report Q3, 2026 results on Jan 30, 2026 New Risk • Nov 06
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 141x cash flows per share. Dividend yield: 3.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥25.17 (vs JP¥50.45 in 2Q 2025) Second quarter 2026 results: EPS: JP¥25.17 (down from JP¥50.45 in 2Q 2025). Revenue: JP¥3.34b (down 28% from 2Q 2025). Net income: JP¥668.0m (down 52% from 2Q 2025). Profit margin: 20% (down from 30% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 20% per year. Announcement • Oct 31
Traders Holdings Co.,Ltd. (TSE:8704) announces an Equity Buyback for 375,000 shares, representing 1.41% for ¥300 million. Traders Holdings Co.,Ltd. (TSE:8704) announces a share repurchase program. Under the program, the company will repurchase up to 375,000 shares, representing 1.41% of its total shares outstanding (excluding treasury shares), for a total of ¥300 million. The purpose of repurchase program is to implement a flexible capital policy that responds to changes in the business environment and to enhance shareholder returns. It is also being implemented in preparation for the expected disposal of treasury stock for restricted stock compensation and the exercise of stock options in the future. The repurchase program is valid till November 28, 2025. As of September 30, 2025, the company had 26,667,783 shares outstanding (excluding treasury shares) and had 2,870,864 shares in treasury. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.7%). Announcement • Sep 02
Traders Holdings Co.,Ltd. to Report Q2, 2026 Results on Oct 31, 2025 Traders Holdings Co.,Ltd. announced that they will report Q2, 2026 results on Oct 31, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥39.60 (vs JP¥53.23 in 1Q 2025) First quarter 2026 results: EPS: JP¥39.60 (down from JP¥53.23 in 1Q 2025). Revenue: JP¥3.01b (flat on 1Q 2025). Net income: JP¥1.08b (down 27% from 1Q 2025). Profit margin: 36% (down from 49% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥998, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 14x in the Capital Markets industry in Japan. Total returns to shareholders of 235% over the past three years. Declared Dividend • Jul 20
Final dividend increased to JP¥16.00 Dividend of JP¥16.00 is 33% higher than last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 3.1%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 34% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 2.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). Reported Earnings • Jun 21
Full year 2025 earnings released: EPS: JP¥165 (vs JP¥117 in FY 2024) Full year 2025 results: EPS: JP¥165 (up from JP¥117 in FY 2024). Revenue: JP¥13.4b (up 33% from FY 2024). Net income: JP¥4.55b (up 36% from FY 2024). Profit margin: 34% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 05
Traders Holdings Co.,Ltd. to Report Q1, 2026 Results on Jul 31, 2025 Traders Holdings Co.,Ltd. announced that they will report Q1, 2026 results on Jul 31, 2025 Announcement • May 24
Traders Holdings Co.,Ltd. (TSE:8704) announces an Equity Buyback for 780,000 shares, representing 2.86% for ¥1,000 million. Traders Holdings Co.,Ltd. (TSE:8704) announces a share repurchase program. Under the program, the company will repurchase up to 780,000 shares, representing 2.86% of its share capital for ¥1,000 million. The shares will be repurchased at a price that is lower of the final price of the company's shares on the Tokyo Stock Exchange Standard Market on June 24, 2025 or the average of the final prices of the company's shares on the Tokyo Stock Exchange Standard Market for the tow months prior to June 24, 2025. The shares will be repurchased from Takata Co., Ltd. The purpose of the program is to improve capital efficiency, implement flexible capital policies in response to the business environment, and further enhance management transparency. The repurchases are subject to approval from shareholders in the Ordinary General Meeting to be held on June 25, 2025. The program will be valid till June 30, 2025. Reported Earnings • May 01
Full year 2025 earnings released: EPS: JP¥165 (vs JP¥117 in FY 2024) Full year 2025 results: EPS: JP¥165 (up from JP¥117 in FY 2024). Revenue: JP¥13.4b (up 33% from FY 2024). Net income: JP¥4.55b (up 36% from FY 2024). Profit margin: 34% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Traders Holdings Co.,Ltd., Annual General Meeting, Jun 25, 2025 Traders Holdings Co.,Ltd., Annual General Meeting, Jun 25, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥709, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 10x in the Capital Markets industry in Japan. Total returns to shareholders of 142% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.4%). Announcement • Mar 04
Traders Holdings Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 30, 2025 Traders Holdings Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 30, 2025 Declared Dividend • Feb 06
Dividend increased to JP¥20.00 Dividend of JP¥20.00 is 25% higher than last year. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 29% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 04
Traders Holdings Co.,Ltd. (TSE:8704) announces an Equity Buyback for 250,000 shares, representing 0.91% for ¥200 million. Traders Holdings Co.,Ltd. (TSE:8704) announces a share repurchase program. Under the program, the company will repurchase up to 250,000 shares, representing 0.91% of its total shares outstanding (excluding treasury shares), for a total of ¥200 million. The purpose of repurchase program is to implement a flexible capital policy that responds to changes in the business environment and to enhance shareholder returns. The repurchase program is valid till February 28, 2025. As of December 31, 2024, the company had 27,467,003 shares outstanding (excluding treasury shares) and had 2,071,644 shares in treasury. Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥34.22 (vs JP¥48.41 in 3Q 2024) Third quarter 2025 results: EPS: JP¥34.22 (down from JP¥48.41 in 3Q 2024). Revenue: JP¥2.90b (down 9.6% from 3Q 2024). Net income: JP¥940.0m (down 32% from 3Q 2024). Profit margin: 33% (down from 43% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 03
Traders Holdings Co.,Ltd. to Report Q3, 2025 Results on Jan 31, 2025 Traders Holdings Co.,Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥992, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 13x in the Capital Markets industry in Japan. Total returns to shareholders of 257% over the past three years. Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥50.45 (vs JP¥6.74 in 2Q 2024) Second quarter 2025 results: EPS: JP¥50.45 (up from JP¥6.74 in 2Q 2024). Revenue: JP¥4.62b (up 162% from 2Q 2024). Net income: JP¥1.40b (up JP¥1.21b from 2Q 2024). Profit margin: 30% (up from 11% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 03
Traders Holdings Co.,Ltd. to Report Q2, 2025 Results on Oct 31, 2024 Traders Holdings Co.,Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥877, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 12x in the Capital Markets industry in Japan. Total returns to shareholders of 202% over the past three years. Announcement • Aug 05
Traders Holdings Co.,Ltd. (TSE:8704) announces an Equity Buyback for 830,000 shares, representing 2.98% for ¥500 million. Traders Holdings Co.,Ltd. (TSE:8704) announces a share repurchase program. Under the program, the company will repurchase up to 830,000 shares, representing 2.98% of its total shares outstanding (excluding treasury shares), for a total of ¥500 million. The purpose of repurchase program is to implement flexible capital policies in response to changes in the business environment and to enhance shareholder returns. The repurchase program is valid till September 30, 2024. As of July 31, 2024, the company had 27,895,603 shares outstanding (excluding treasury shares) and had 1,643,044 shares in treasury. Reported Earnings • Aug 03
First quarter 2025 earnings released: EPS: JP¥53.23 (vs JP¥45.68 in 1Q 2024) First quarter 2025 results: EPS: JP¥53.23 (up from JP¥45.68 in 1Q 2024). Revenue: JP¥3.50b (up 24% from 1Q 2024). Net income: JP¥1.49b (up 13% from 1Q 2024). Profit margin: 42% (down from 46% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Declared Dividend • Jul 19
Final dividend of JP¥12.00 announced Shareholders will receive a dividend of JP¥12.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 3.4%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 41% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 82% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 28
Traders Holdings Co.,Ltd. to Report Q1, 2025 Results on Jul 31, 2024 Traders Holdings Co.,Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • May 01
Full year 2024 earnings released: EPS: JP¥117 (vs JP¥111 in FY 2023) Full year 2024 results: EPS: JP¥117 (up from JP¥111 in FY 2023). Revenue: JP¥10.1b (up 19% from FY 2023). Net income: JP¥3.33b (up 3.6% from FY 2023). Profit margin: 33% (down from 38% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 28% per year. Announcement • May 01
Traders Holdings Co.,Ltd., Annual General Meeting, Jun 26, 2024 Traders Holdings Co.,Ltd., Annual General Meeting, Jun 26, 2024. Announcement • Mar 28
Traders Holdings Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2024 Traders Holdings Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.4%). Declared Dividend • Mar 02
Dividend of JP¥9.00 announced Shareholders will receive a dividend of JP¥9.00. Ex-date: 28th March 2024 Payment date: 28th June 2024 Dividend yield will be 2.5%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 17% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 15
Third quarter 2024 earnings released: EPS: JP¥48.41 (vs JP¥25.34 in 3Q 2023) Third quarter 2024 results: EPS: JP¥48.41 (up from JP¥25.34 in 3Q 2023). Revenue: JP¥3.20b (up 39% from 3Q 2023). Net income: JP¥1.37b (up 89% from 3Q 2023). Profit margin: 43% (up from 32% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥654, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 17x in the Capital Markets industry in Japan. Total returns to shareholders of 95% over the past three years. Reported Earnings • Nov 16
Second quarter 2024 earnings released: EPS: JP¥6.74 (vs JP¥18.47 in 2Q 2023) Second quarter 2024 results: EPS: JP¥6.74 (down from JP¥18.47 in 2Q 2023). Revenue: JP¥1.76b (down 12% from 2Q 2023). Net income: JP¥193.0m (down 64% from 2Q 2023). Profit margin: 11% (down from 27% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Nov 15
Traders Holdings Co.,Ltd. (TSE:8704) announces an Equity Buyback for 750,000 shares, representing 2.64% for ¥300 million. Traders Holdings Co.,Ltd. (TSE:8704) announces a share repurchase program. Under the program, the company will repurchase up to 750,000 shares, representing 2.64% of its total shares outstanding (excluding treasury shares), for a total of ¥300 million. The purpose of repurchase program is to implement flexible capital policies in response to changes in the business environment and to enhance shareholder returns. The repurchase program is valid till January 31, 2024. As of September 30, 2023, the company had 28,447,403 shares outstanding (excluding treasury shares) and had 1,091,244 shares in treasury. New Risk • Nov 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.0b (US$98.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.2% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥15.0b market cap, or US$98.7m). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥531, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 16x in the Capital Markets industry in Japan. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥603, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 16x in the Capital Markets industry in Japan. Total returns to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥723, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 14x in the Capital Markets industry in Japan. Total returns to shareholders of 71% over the past three years. New Risk • Aug 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: JP¥45.68 (vs JP¥32.63 in 1Q 2023) First quarter 2024 results: EPS: JP¥45.68 (up from JP¥32.63 in 1Q 2023). Revenue: JP¥2.83b (up 19% from 1Q 2023). Net income: JP¥1.31b (up 38% from 1Q 2023). Profit margin: 46% (up from 40% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 18% per year. Announcement • Aug 15
Traders Holdings Co.,Ltd. (TSE:8704) announces an Equity Buyback for 1,000,000 shares, representing 3.48% for ¥400 million. Traders Holdings Co.,Ltd. (TSE:8704) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares, representing 3.48% of its share capital, for ¥400 million. The purpose of the program is to implement a flexible capital policy and enhance shareholder returns. The program will expire on November 14, 2023. As of June 30, 2023, the company had 28,721,163 shares in issue (excluding treasury stock) and 817,484 shares in treasury. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥546, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 17x in the Capital Markets industry in Japan. Total returns to shareholders of 36% over the past three years. Reported Earnings • May 20
Full year 2023 earnings released: EPS: JP¥111 (vs JP¥75.10 in FY 2022) Full year 2023 results: EPS: JP¥111 (up from JP¥75.10 in FY 2022). Revenue: JP¥9.14b (up 40% from FY 2022). Net income: JP¥3.22b (up 47% from FY 2022). Profit margin: 35% (up from 33% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 16
Traders Holdings Co.,Ltd., Annual General Meeting, Jun 27, 2023 Traders Holdings Co.,Ltd., Annual General Meeting, Jun 27, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥17.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.8%). Reported Earnings • Feb 17
Third quarter 2023 earnings released: EPS: JP¥25.34 (vs JP¥25.77 in 3Q 2022) Third quarter 2023 results: EPS: JP¥25.34 (down from JP¥25.77 in 3Q 2022). Revenue: JP¥2.30b (up 23% from 3Q 2022). Net income: JP¥728.0m (down 3.1% from 3Q 2022). Profit margin: 32% (down from 40% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Nov 27
Traders Holdings Co.,Ltd. to Report Q3, 2023 Results on Feb 14, 2023 Traders Holdings Co.,Ltd. announced that they will report Q3, 2023 results on Feb 14, 2023 Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 23% share price decline to JP¥434, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 16x in the Capital Markets industry in Japan. Total loss to shareholders of 21% over the past three years. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥18.47 (vs JP¥14.62 in 2Q 2022) Second quarter 2023 results: EPS: JP¥18.47 (up from JP¥14.62 in 2Q 2022). Revenue: JP¥2.01b (up 29% from 2Q 2022). Net income: JP¥540.0m (up 27% from 2Q 2022). Profit margin: 27% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Chairman , President & CEO Takayuki Kanamaru is the most experienced director on the board, commencing their role in 2020. Independent Outside Director Masashi Ichikawa was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Nov 15
Traders Holdings Co.,Ltd. Provides Guidance for the Fiscal Year Ending March 31, 2023 Traders Holdings Co.,Ltd. provides guidance for the Fiscal Year Ending March 31, 2023. For the period, the company expected Operating revenue JPY 8,900 million, Operating profit JPY 3,000 million, Profit attributable to owners of parent JPY 2,400 million and Basic earnings per share JPY 82.88. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥562, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 13x in the Capital Markets industry in Japan. Total returns to shareholders of 78% over the past three years. Announcement • Sep 28
Traders Holdings Co.,Ltd. to Report Q2, 2023 Results on Nov 14, 2022 Traders Holdings Co.,Ltd. announced that they will report Q2, 2023 results on Nov 14, 2022 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥463, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 13x in the Capital Markets industry in Japan. Total returns to shareholders of 56% over the past three years. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥32.63 (vs JP¥18.53 in 1Q 2022) First quarter 2023 results: EPS: JP¥32.63 (up from JP¥18.53 in 1Q 2022). Revenue: JP¥2.38b (up 55% from 1Q 2022). Net income: JP¥951.0m (up 76% from 1Q 2022). Profit margin: 40% (up from 35% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Announcement • Aug 11
Traders Holdings Co.,Ltd. (TSE:8704) announces an Equity Buyback for 1,200,000 shares, representing 4.12% for ¥300 million. Traders Holdings Co.,Ltd. (TSE:8704) announces a share repurchase program. Under the program, the company will repurchase up to 1,200,000 shares, representing 4.12% of its share capital, for ¥300 million. The purpose of the program is to implement a flexible capital policy and enhance shareholder returns. The program will expire on August 9, 2023. As of March 31, 2022, the company had 29,145,163 shares in issue (excluding treasury stock) and 15,784 shares in treasury. Announcement • Jun 11
Traders Holdings Co.,Ltd. to Report Q1, 2023 Results on Aug 15, 2022 Traders Holdings Co.,Ltd. announced that they will report Q1, 2023 results on Aug 15, 2022 Reported Earnings • May 20
Full year 2022 earnings released: EPS: JP¥75.10 (vs JP¥61.50 in FY 2021) Full year 2022 results: EPS: JP¥75.10 (up from JP¥61.50 in FY 2021). Revenue: JP¥7.03b (up 11% from FY 2021). Net income: JP¥2.19b (up 22% from FY 2021). Profit margin: 31% (up from 28% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 18
Traders Holdings Co.,Ltd., Annual General Meeting, Jun 28, 2022 Traders Holdings Co.,Ltd., Annual General Meeting, Jun 28, 2022. Agenda: General meeting of shareholders. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 2 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Standing Corporate Auditor Osamu Tsuchiya is the most experienced director on the board, commencing their role in 2011. Independent Outside Director Yoshiaki Kita was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Apr 08
Traders Holdings Co.,Ltd. to Report Fiscal Year 2022 Results on May 16, 2022 Traders Holdings Co.,Ltd. announced that they will report fiscal year 2022 results on May 16, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (3.9%). Reported Earnings • Feb 20
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥25.77 (up from JP¥14.34 in 3Q 2021). Revenue: JP¥1.88b (up 29% from 3Q 2021). Net income: JP¥751.0m (up 80% from 3Q 2021). Profit margin: 40% (up from 29% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JP¥359, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 11x in the Capital Markets industry in Japan. Total returns to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥363, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 10x in the Capital Markets industry in Japan. Total returns to shareholders of 107% over the past three years. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS JP¥14.62 (vs JP¥7.99 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥1.56b (up 5.3% from 2Q 2021). Net income: JP¥426.0m (up 83% from 2Q 2021). Profit margin: 27% (up from 16% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS JP¥18.53 (vs JP¥16.87 in 1Q 2021) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2022 results: Revenue: JP¥1.54b (down 6.9% from 1Q 2021). Net income: JP¥540.0m (up 9.8% from 1Q 2021). Profit margin: 35% (up from 30% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jul 15
Seiichi Mizuno signed a contract to acquire 48.97% stake in ZE Energy Inc. from Traders Holdings Co.,Ltd. (JASDAQ:8704) for ¥0.002 million. Seiichi Mizuno signed a contract to acquire 48.97% stake in ZE Energy Inc. from Traders Holdings Co.,Ltd. (JASDAQ:8704) for ¥0.002 million on July 13, 2021. Seiichi Mizuno will acquire 0.002 million shares at an offer per share of ¥1. Traders Holdings will also waive debt of ¥304 million. ZE Energy reported sales of ¥26.6 million, total assets of ¥60.05 million, operating loss of ¥221.4 million, net loss of ¥190.04 million and net liabilities of ¥3.5 billion for the year ending, March 31, 2021. The transaction is expected to close on July 13, 2021. Reported Earnings • May 17
Full year 2021 earnings released: EPS JP¥61.50 (vs JP¥76.03 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: JP¥6.81b (up 12% from FY 2020). Net income: JP¥1.79b (down 19% from FY 2020). Profit margin: 26% (down from 37% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Mar 07
Traders Holdings Co.,Ltd. to Report Fiscal Year 2021 Results on May 14, 2021 Traders Holdings Co.,Ltd. announced that they will report fiscal year 2021 results on May 14, 2021